Month in Review
The HHV rose by 5.3% in May. Its benchmark, the MSCI World in A$, performed fractionally better with an increase of 5.9%.
Our largest holding, Australian gold miner, St Barbara continued its impressive share price rise, up 13% over the month. Whilst the price of A$ gold slipped 1%, St Barbara continued to see demand for its shares as a result of its impressive March quarterly results. We believe the upside remains bright for the company and see short-term upside over $3.00. However, we have been taking profits and sold about 20% of our holding during the month.
Another of our gold stocks, Doray Minerals, fell 13%, despite hitting a 52-week high intra-month at $1.02 – a price we used to trim our holding slightly. The Deflector mine became Australia’s newest gold producing mine after the first bars of metal were poured on site. The company now expects to ramp up production. Impressively, the project was ahead of time, on-budget and is a major de-risking event for the company.
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